Why is it in the News?

External Affairs Minister S Jaishankar hosted the India-Nordic-Baltic meeting on the sidelines of the ongoing Raisina Dialogue 2024 recently.

What are the Nordic-Baltic Countries?

• The Nordic-Baltic countries, also known as the NB8, are a group of Northern European countries that share historical, cultural, and geopolitical ties.
• The group includes
  • Nordic countries of Denmark, Finland, Iceland, Norway, and Sweden, and
  • Baltic countries of Estonia, Latvia, and Lithuania.
• These countries collaborate on various regional issues, such as security, economy, environment, and culture, and often work together within international organisations and forums.
• The term "Nordic-Baltic" highlights the close relationship and cooperation between these neighbouring states in the Baltic Sea region.

India's Relations with NB8 Countries:

• India's collaboration with NB8 nations is broadening, exemplified by initiatives like the India-Denmark Green Strategic Partnership, the India-Norway Task Force on Blue Economy, and cooperation on sustainability and ICT with Finland, including the 'LeadIT' (Leadership for Industry Transition) initiative with Sweden.
• Cooperation extends across various sectors, including innovation, green transition, maritime affairs, healthcare, intellectual property rights, emerging technologies, space exploration, and artificial intelligence.
• Trade and investment between the NB8 region and India are on a steady rise, reflecting deepening economic ties.
• Moreover, the security dynamics of the Nordic-Baltic region and the Indo-Pacific are intertwined, underlining the interconnectedness of regional security challenges.

Significance of NB8:

• The NB8 nations embody advanced economies characterised by their outward orientation, emphasis on innovation, complementarity, and seamless integration into the European Common Market, the world's largest single market area.
• The Baltic states, in particular, stand out as pioneers in IT, digitization, cyber technology, and green innovations, showcasing their leadership in these critical domains.
• Moreover, all NB8 members share a steadfast commitment to democracy and human rights, serving as advocates for an international order grounded in principles of multilateralism and adherence to international law.

NB8 Proposals for India:

• In light of the Ukraine conflict and its ripple effects on global food and energy security, supply chains, macro-financial stability, inflation, and growth, the NB8 seeks to collaborate with India in the following ways:
• Recognizing Shared Challenges: In an increasingly interconnected world, challenges such as the Ukraine conflict, global health crises, climate-related events, and geopolitical tensions affect us all.
  • Acknowledging these shared challenges underscores the necessity for collaborative efforts to address them effectively.
• Embracing a Positive Agenda: There is an urgent imperative to pivot towards a more positive agenda for global cooperation.
  • Leveraging our mutual commitment to the multilateral system, the NB8 proposes to enhance dialogue and cooperation on issues that are paramount to India's priorities and those of other global partners.